(Sunrise over Johannesburg, home of FNB. Photo credit: Dylan Harbour.)
FNB (Johannesburg), the oldest bank in South Africa and one of the nation’s “Big Four” banks, has selected the Sapiens ALIS (Holon, Israel) core solution suite to support the launch of its new life insurance company.
FNB’s selection process began shortly after securing a license to enter the life insurance business, according to a Sapiens statement. After evaluating available solutions, the bank concluded that Sapiens ALIS would help the bank realize its goals of obtaining the agility to introduce new products to market quickly. The vendor characterizes ALIS as a solution suite that supports the complete policy lifecycle across a wide variety of products.
“After a comprehensive evaluation and selection process that included, full-cycle proof of concept, FNB chose Sapiens ALIS in order to achieve our vision of becoming South Africa’s leading financial services institution by 2025,” comments Lee Bromfield, CEO FNB Life. “Because we’ve set an ambitious implementation deadline for the end of the year, it was important for us to select a partner with an established delivery record and industry expertise to help us achieve our objectives.”
Sapiens ALIS supports any combination of life, pension, annuity and medical products for the individual and group markets, enabling carriers to explore new product offerings and hybrid designs, according to the vendor.